If that were the case, CM Punk would be a 10-time WWE Champion, and Cena would most likely be "hot-potatoing" the title with Kevin Owens since his debut, Cena would probably be a 30+ time Champion by now.

I think it is a factor to a certain degree, in the sense that, if someone's shirt starts being #1 for a long period, then they'll have that superstar further up the pecking order. Doesn't mean they'll push them as 'the' guy, though.